Blackstone inks first China deal

The US private equity firm will pay up to $600 million for a 20% stake in specialty chemical company Bluestar. It also gains two board seats.

Blackstone has announced its first China investment, paying up to $600 million for a 20% stake in China National Bluestar, a wholly-owned subsidiary of ChemChina.

In a written statement, ChemChina highlighted the benefits that the Blackstone investment could bring Bluestar, given the private equity firmÆs past exposure and understanding of the chemical industry via its ownership of Celanese Corporation and Nalco Company.

With its investment, Blackstone has negotiated two board seats out of a total board strength of...